“While these levels are down 19% from October, so far this month-to-date, November form-based enquiries are 85% higher than they were in April – the lowest point of the year. Following the announcement in early May that automotive retailers in England would re-open in June, we saw a significant increase in enquiry levels, which peaked in June as part of pent-up demand. At this time, November enquiry levels are 41% below that highest point from June,” said a Rapid RTC spokesman.

Digital reservation tool launched

Mangoletsi in second retrospective planning application

Porsche retailer to become retirement home

The former site of Parker and Parker Porsche in Kendal may be redeveloped into assisted living retirement accommodation. Developers McCarthy and Stone said the location of the site meets a local need for downsizing and reduces the need to build on greenfield sites.

Work on Parker and Parker’s new South Lakes Porsche Centre in Carnforth, originally announced in 2018, began in July after the business outgrew its original Longpool site.

 

WORLD NEWS

GM launches RHD vehicles in Australia

GM has established a new General Motors Speciality Vehicles network in Australia and New Zealand to sell right-hand drive versions of its North American full-size trucks – and, from late 2021, the C8 Corvette sports car. Walkinshaw Automotive Group is converting the vehicles to right-hand drive. GM announced at the start of 2020 that it was to pull its Holden brand from Australia and NZ by the end of next year.

https://bit.ly/32Od7eT

 

US retailers welcome ‘new normal’

A shortage of new car supply has led to US retailers carrying lower levels of inventory – and many are welcoming the ‘new normal’. Last year, Ken Thomas, from Northland Oak Park in Detroit, had 110 days-supply inventory.  “Right now, I have 50-60 days-supply, which as long as I have the right mix, that’s actually not a bad thing.” Savings include lower maintenance, insurance, overhead and floorplan costs.

https://bit.ly/3npge4T

 

 

 

STOCKWATCH

Closing prices on 13 November 2020 and weekly change

Strong Inchcape performance continues

Auto Trader Group 562.6p (-18.4p / -3.1%)

Cambria 58.0p (+3.0p / +5.3%)

Caffyns 270.0p (n/c)

Halfords 242.0p (+11.0p / +4.6%)

Inchcape 617.5p (+51.5p / +8.7%)

Lookers Shares suspended at 21.0p

Marshall Motor Holdings 136.5p (+4.0p / +2.9%)

Motorpoint 300.0p (+17.5p / +6.0%)

Pendragon 13.7p (+0.2p / +1.4%)

Vertu 30.0p (+2.5p / +8.6%)

 

 

COMING UP

Wednesday, Halfords interims

Wednesday, CPI and RPI

 

MONEY MATTERS

Volkswagen forecasts ‘moderate growth’

Volkswagen Group expects the global economy to grow “moderately” over the next five years, albeit with regional differences. The forecast was made during the company’s latest supervisory board meeting.

The group is also seeking productivity improvements of 30% and further savings in administration. It will reduce complexity and increase efficiency of the product portfolio by streamlining “model variants, engine-transmission combinations and features that are less in demand”.

 

Retailers embrace click & collect

Auto Trader has reported more than 7,000 retailers have listed stock as available via click & collect or home delivery, one week on from the launch of the ‘Buy Online’ hub. This represents 70% of all stock currently advertised on the platform. “The speed at which retailers have adapted to offer buy online options has been incredibly impressive and testament to retailers’ ability and commitment to adapt to the rapidly changing market,” said Auto Trader’s Karolina Edward-Smajda.